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0 <br />MEMORANDUM <br />August 14, 1978 <br />TO: Mayor and Council <br />FROM: J. R. Hudgens <br />• <br />SUBJECT: Proposed Tax Rate for Fiscal Year 1978-1979 <br />The re-evaluation of taxable property within the City's <br />corporate jurisdiction is complete and the Board of Equalization <br />has almost completed its work. The tentative tax roll has been <br />submitted to Ad Valorem Records, Inc., for tabulation and upon <br />return the Board of Equalization will review the tax roll, then <br />submit it to Council for adoption. An in-house trial balance of <br />the new values reflected the tax roll to be $179,067,800.00, <br />which is a 28.57 percent increase over last year's roll. The at- <br />tached comparison table delineates the revenues and values for <br />our current fiscal year and the new values and projected revenue <br />based on a proposed tax rate of .91 (cents) per one hundred (100) <br />dollars of valuation. <br />The 28.57 percent increase in ad valorem values and the re- <br />sultant 11.34 percent increase in revenue that will be generated <br />• by the proposed tax rate of .91 cents per 100 of value represents <br />not only the effects of the re-evaluation but the growth of the <br />tax base due to new construction. <br />Because of the interrelationship between the tax rate and <br />our industrial contracts, the proposed .91 -cent rate counteracts <br />to the extent possible the 28 percent increase in ad valorem valu- <br />ations without substantially affecting the payments due under the <br />terms of our industrial contracts. Based on the trial balance <br />tax roll, I would like to request that Council consider establishing <br />by motion a tax rate of .91 per 100 dollars of valuation for fiscal <br />year 1978-1979. We can then proceed with having our tax statements <br />prepared for mailout in early October. <br />J. R. Hudgens <br />City Administrator <br />JRH/cb <br />Enc. <br />• <br />